| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 26th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 535 Greenfield Dr, El Cajon, CA, 92021, US |
| Region / Metro | El Cajon |
| Year of Construction | 1989 |
| Units | 23 |
| Transaction Date | 2022-06-29 |
| Transaction Price | $6,300,000 |
| Buyer | CARY PROPERTIES LLC |
| Seller | CHING TSAI CHAN TRUST |
535 Greenfield Dr El Cajon 23-Unit Multifamily Opportunity
Neighborhood occupancy trends remain in the mid-90s with a solid renter-occupied base, according to WDSuite’s CRE market data. The area’s rental orientation points to durable tenant demand and potential lease stability for professionally managed assets.
Positioned in El Cajon’s Urban Core, the neighborhood rates C and is competitive among San Diego-Chula Vista-Carlsbad neighborhoods on amenities (rank 260 out of 621). Grocery access is a standout (96th percentile nationally) with a dense restaurant presence (93rd percentile), while parks, cafes, and childcare options are comparatively limited—conditions that often suit workforce renters prioritizing daily conveniences over recreation-centric amenities.
Multifamily fundamentals are steady: neighborhood occupancy is about 95% and has softened only modestly over five years, placing it around the metro median and above national norms (73rd percentile). Rents in the neighborhood sit in the upper national percentiles and have grown over the past five years, reinforcing income potential for well-maintained assets without relying on outsized rent steps.
Tenure data shows a high share of renter-occupied housing units locally (57.7%; top quartile in the metro), indicating a deep tenant base that can support leasing velocity and reduce downtime, particularly for 1–2 bedroom product.
Within a 3-mile radius, demographics show slight population growth and a measurable increase in households over the last five years, with forecasts calling for further household expansion by 2028. This points to a larger tenant base and supports occupancy stability for professionally managed communities. Elevated home values versus incomes (81st percentile value-to-income nationally) suggest a high-cost ownership market that sustains reliance on multifamily rentals, while a higher rent-to-income ratio implies affordability pressure that owners should manage through retention-focused leasing and amenity positioning.
Safety indicators for the neighborhood trend below the metro average and sit in lower national percentiles. The neighborhood’s overall crime rank is near the bottom of the metro distribution (rank 595 out of 621), and national comparisons place the area in lower percentiles for both property and violent offenses. Investors typically account for this by emphasizing on-site management, lighting and visibility, and resident screening to support retention and asset performance over time.
Compared with neighborhoods nationwide, the area does not fall into the top quartiles for safety; however, trends can be block-sensitive and evolve with property operations and submarket activity. Underwriting should incorporate security measures and localized comps within the San Diego-Chula Vista-Carlsbad metro for a fair, apples-to-apples view.
Nearby employment anchors span distribution, defense, energy infrastructure, semiconductors, and biotech—supporting a broad renter pool and commute convenience that can aid leasing stability for workforce-oriented units.
- Sysco — food distribution (10.2 miles)
- L-3 Telemetry & RF Products — defense & aerospace (10.4 miles)
- Sempra Energy — energy infrastructure (13.7 miles) — HQ
- Qualcomm — semiconductors & wireless technology (15.1 miles) — HQ
- Celgene Corporation — biotech (15.7 miles)
535 Greenfield Dr is a 23-unit multifamily asset built in 1989—slightly newer than the neighborhood’s average vintage—positioning it competitively versus older stock while leaving room for targeted modernization of common areas and building systems. The surrounding neighborhood shows mid-90s occupancy with a high renter-occupied share, and daily-needs amenities (notably groceries and dining) are strong relative to metro peers. Elevated ownership costs in the area underpin sustained renter reliance, while household growth within a 3-mile radius supports a gradually expanding tenant base.
According to CRE market data from WDSuite, neighborhood occupancy trends remain above national norms and rents have risen over five years, supporting revenue durability if operators balance pricing with retention. Principal risks include affordability pressure (given higher rent-to-income levels), localized safety concerns, and amenity gaps in parks/cafes that may necessitate on-site upgrades to sustain leasing momentum.
- 1989 vintage offers competitive positioning vs. older stock with practical modernization upside
- High renter-occupied share and mid-90s neighborhood occupancy support demand depth and lease stability
- Strong grocery and restaurant access aids daily convenience and resident retention
- Risks: higher rent-to-income levels, below-metro safety indicators, and limited parks/cafes call for proactive operations